Deal is significant since it would mark the first major movie Johnson will work with WWE Studios on, should the deal close. WWE had small stakes in other Johnson pics “The Rundown” and “The Scorpion King” after Johnson left WWE to pursue a film career. He started his career with WWE as “The Rock” and recently returned to the ring to headline “WrestleMania” over the past two years.

“Fall Guy” was a 1980s ABC TV series that followed a film stunt-man who moonlights as a bounty hunter when movie work is slow. McG is also in talks to direct but sources say it is very early in the process.

Film project becomes the latest high-profile project WWE Studios has set up after scoring with the Halle Berry thriller “The Call,” earlier this year, and setting up a sequel to “See No Evil.”

Johnson continues to pile up films that could lead to possible franchises. This year alone, his films “G.I. Joe: Retaliation” and “Fast and Furious 6″ became the highest grossing installments of their series, with the thesp expected to topline additional installments.

He recently wrapped production on MGM and Paramount’s “Hercules” and is about to start production on “Fast and Furious 7.” He has also taped an HBO pilot based around Miami athletes.